Great retreat! Many LED companies withdraw from the New OTC Market

On November 24, 2025, the LED lighting sector of the New OTC Market shrank again - Fujian Zhongyi Solar Technology Co., Ltd. and Hebei Zhida Optoelectronics Technology Co., Ltd. officially terminated their listings on this day.
Due to the failure to disclose the 2024 annual report on time, the two companies completed the complete process from risk warning to final delisting, becoming the latest cases of LED lighting companies delisting from the New OTC Market this year.
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According to incomplete statistics, Since 2025, eight LED lighting companies have delisted from the New Third Board. Between October and November alone, four companies actively or passively delisted. Among the delisted companies, some were forced to leave due to failure to disclose financial reports, while others actively chose based on their own strategic planning.

▲Incomplete statistical table of the list of LED lighting companies that will withdraw from the New Third Board in 2025 More companies are facing the risk of being delisted. For example, ST Shuaihang has not disclosed its performance report, and the company's shares are very likely to be delisted. Recently, the company also violated the "Information Disclosure Management Measures for Unlisted Public Companies" because it failed to disclose its 2024 annual report and 2025 interim report. Take administrative supervision measures by issuing warning letters. Judging from the public statements of various companies, strategic adjustment is the main reason why most companies choose to leave the New Third Board. Xiamen Hualian Electronics clearly stated in its announcement that it applied to terminate listing that this was based on the company's "operating conditions and long-term strategic planning." Industry experts analyze that some companies may plan to streamline their decision-making processes by delisting and prepare for subsequent business restructuring, mergers and acquisitions, and even transfer to the public market. Behind the successive delistings from the New Third Board is the growth pressure faced by the entire LED lighting industry. According to statistics, in the first half of 2025, the total revenue of 57 listed companies mainly engaged in LED was 91.559 billion yuan, a year-on-year increase of 5.25%, but the total profit. 6.844 billion yuan, a year-on-year decrease of 6.06%. What is more noteworthy is that the industry’s average sales profit margin is 25.20%, a year-on-year decrease of 4.81 percentage points. This data reveals the industry’s current core dilemma: the market size is expanding, but corporate profitability is declining. Industry analysts believe that factors such as rising raw material costs, intensified market competition, serious product homogeneity, declining market demand, and domestic and foreign environments have jointly led to the situation of "increasing revenue without increasing profits". For NEEQ companies, factors such as insufficient liquidity, difficult financing, and high costs of maintaining listings have caused many companies to begin to re-evaluate the value of listing on the NEEQ. From the overall industry trend, the LED lighting industry has bid farewell to the past period of rapid growth and entered a new stage of structural adjustment and industrial upgrading. Competition between enterprises starts from pure price war and scale war, turning to all-round competition in technology, brand, channel, etc.
2 However, the capital market is still open to companies in niche fields with core competitiveness. 2025 1 In October, two LED lighting companies that are deeply involved in the professional track successfully landed on the New Third Board. On October 10, Shenzhen Yufu Lighting Co., Ltd. was officially listed. The company focuses on industrial lighting, commercial lighting and special lighting products. On October 23, Jiangsu Langnes Technology Co., Ltd. was successfully listed and positioned as a solution provider for automotive LED vision control systems. The latest news is that on November 25, a lighting supplier, Anhui Shunfu Precision Technology Co., Ltd., was successfully listed on the New Third Board. In the field of lighting, the company mainly produces outdoor street lamp housing products .

The pattern of advancement and retreat in the LED lighting sector of the New OTC Market exactly reflects the reality of intensified industry differentiation. Some companies have to leave the capital market due to operating difficulties, but some companies that are deeply involved in niche fields and have technological advantages can still gain the favor of the capital market. At the same time, some lighting companies acquire advanced technologies and product portfolios through overseas acquisitions, and use the international market network and project experience of the acquired companies to accelerate their own business upgrades and global layout. The cross-border layout of home appliance companies is also intensifying industry changes. Companies such as Gree Electric Appliances and Xiaomi have launched smart lighting products. Haier Group Chief Technology Officer Wang Ye recently proposed in public that the deep integration of smart lighting and smart homes is a key direction for high-quality development of the industry. The delisting phenomenon of the New Third Board reflects the deep adjustment that China's LED lighting industry is experiencing. Between the advancement and retreat of the capital market, companies are making choices that are most beneficial to long-term development based on their own actual conditions.
Source: China Light Network